Tips To Help Prepare Your Business For VAT
With the recent introduction of VAT in the GCC, companies and businesses in all of the region’s countries are now preparing to complete implementation by 2019. As the process is extensive, it could take up to a year as predicted by officials to ensure every company has registered for VAT accordingly. We, as a leading and long-established tax consultant in Dubai, are here to assist with any queries you may have in relation to your own business, as well as take care of the registration process for you should you need it.
With that, it helps to take a look at how you can set your business up for the changes. There will be some upheaval to be expected, but so long as it’s handled effectively and efficiently, you have nothing to worry about. Ascertaining your circumstances and what’s to come is essential, and will be incredibly useful.
There will be some briefings held over the next couple of months organized by the Ministry of Finance UAE. These will initially begin with start-ups and small business enterprises or SMEs as they’re also known, eventually branching off into larger and multinational organizations. Though these briefings may not be able to explain every doubt you have nor offer much guidance as to how your business should proceed, we advise you to go and familiarize yourself with the regulations. You can then of course book a consultation with us and have these answered on a more personal level.
Setup/ Develop Processes And Systems
If you already have your business systems and processes in place, you’ll need to develop them. You should look into whether you need to automate them or invest in more improved and new software for instance. If you’re setting up from scratch after the implementation of VAT, you should then set your processes up to suit its introduction and implementation. You should be able to issue accurate invoices, record expenses and maintain details of all records as efficiently as possible.
Top management knowing about VAT is not enough. The entire company, that is to say all your employees should be aware of the changes. For this, you should put enough effort and dedication to educating your staff, training them where necessary, and providing full support when they need it especially at the start. Any new employees coming into the company should also be trained and educate accordingly. Our UK tax consultancy in Dubai can offer you the advice you need.